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        <FormAndLineReferenceDesc>Part VI</FormAndLineReferenceDesc>
        <ExplanationTxt>On August 10, 2017, The Town of Hempstead Local Development Corporation provided financing through the issuance of $35,900,000 in Tax-Exempt Education Revenue Bonds (the Series 2017A Bonds), bearing interest from 5.45% to 6.24% per annum, with principal due at varying amounts annually through maturity on February 1, 2047, as well as $2,685,000 in Taxable Education Revenue Bonds (the Series 2017B Bonds), bearing interest rate at 6.59%% per annum, with principal due at varying amounts annually through maturity on February 1, 2024. The proceeds of the bonds were used for the acquisition, construction, equipment, and furnishing of an approximately 112,500 square foot building for The Academy Hempstead. On June 26, 2018, The Town of Hempstead Local Development Corporation provided financing through the issuance of $19,520,000 in Tax-Exempt Education Revenue Bonds (the Series 2018A Bonds), bearing interest from 6.47% to 7.24% per annum, with principal due at varying amounts annually through maturity on February 1, 2048, as well as $1,945,000 in Taxable Education Revenue Bonds (the Series 2018B Bonds), bearing interest rate at 7.24%% per annum, with principal due at varying amounts annually through maturity on February 1, 2027. The proceeds of the bonds were used for the acquisition and renovation of building for The Academy Uniondale.On July 1, 2020, The Town of Hempstead Local Development Corporation provided financing through the issuance of $35,860,000 in Tax-Exempt Education Revenue Bonds (the Series 2020A Bonds), bearing interest from 4.76% to 5.73% per annum, with principal due at varying amounts annually through maturity on February 1, 2050, as well as $22,135,000 in Tax-Exempt Education Revenue Refunding Bonds (the Series 2020B Bonds), bearing interest rate from 4.76% to 5.66% per annum, with principal due at varying amounts annually through maturity on February 1, 2044, and a $945,000 Taxable Education Revenue Bond (the Series 2020C Bonds), bearing interest at 6.00% due at varying amounts annually through maturity on February 1, 2025. The proceeds of the bonds are to be used to finance and refinance the costs of certain charter school facilities for both Hempstead and Uniondale campuses. Portion of proceeds to be used to refund outstanding amounts on Series 2011A and Series 2013A bonds. Additionally, the funds to be used for construction, equipping and furnishing of a 30,000 square foot, 3 story building for the Hempstead elementary school annex; interior renovation, equipping and furnishing of a Uniondale campus building; and a construction of additional 40,000 square foot facilities at the Uniondale campus.On May 21, 2021, The Town of Hempstead Local Development Corporation provided financing through the issuance of $45,965,000 in Tax-Exempt Education Revenue Bonds (the Series 2021A Bonds), bearing interest from 4.05% to 4.60% per annum, with principal due at varying amounts annually through maturity on February 1, 2051, and a $650,000 Taxable Education Revenue Bond (the Series 2021B Bonds), bearing interest at 5.00% due in full on February 1, 2025. The proceeds of the bonds are to be used to finance and refinance the costs of certain charter school facilities for Uniondale campus such as the acquisition and construction of an approximately 93,000 square foot, four-story addition to Uniondale's existing building situated on an approximately 5.7 acre parcel of land leased from Nassau County (the Land), all located at 100 Charles Lindbergh Boulevard, Uniondale, New York, and the acquisition and installation of certain equipment, furnishings and personal property for use in the Improvements (the Equipment; and together with the Improvements, the 2021 Facility), which 2021 Facility is to be used as classrooms, administrative areas and related educational uses as a charter high school, (B) paying capitalized interest on the Series 2021 Bonds; (C) funding a debt service reserve, if required, for the Series 2021 Bonds, and (D) paying certain costs of issuance of the Series 2021 Bonds. Additionally, the funds to be used for construction, equipping and furnishing of a 30,000 square foot, 3 story building for the Hempstead elementary school annex; interior renovation, equipping and furnishing of a Uniondale campus building; and a construction of additional 40,000 square foot facilities at the Uniondale campus.</ExplanationTxt>
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        <FormAndLineReferenceDesc>Form 990, Part VI, Section B, Line 11b</FormAndLineReferenceDesc>
        <ExplanationTxt>THE DRAFT 990 IS FIRST REVIEWED BY THE ASSISTANT CFO, CFO, AND GROUP CFO OF THE SCHOOL. THE DRAFT IS THEN CIRCULATED TO BOARD MEMBERS FOR THEIR REVIEW AND COMMENTS PRIOR TO FILING THE 990.</ExplanationTxt>
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        <FormAndLineReferenceDesc>Form 990, Part VI, Section B, Line 12c</FormAndLineReferenceDesc>
        <ExplanationTxt>DESCRIPTION OF PROCESS TO MONITOR TRANSACTIONS FOR CONFLICTS OF INTEREST.A. EACH COVERED PERSON SHALL ANNUALLY SIGN A STATEMENT THAT AFFIRMS THAT SUCH PERSON: 1. HAS RECEIVED A COPY OF THE POLICY. 2. HAS READ AND UNDERSTANDS THE POLICY. 3. HAS AGREED TO COMPLY WITH THE POLICY, AND 4. UNDERSTANDS THAT THE CORPORATION IS A CHARITABLE ORGANIZATION AND THAT IN ORDER TO MAINTAIN ITS FEDERAL TAX EXEMPTION AND THE TRUST OF THE PUBLIC IT MUST DILIGENTLY AVOID CONFLICTS OF INTEREST OR THE APPEARANCE OF ANY CONFLICT AND ENGAGE PRIMARILY IN ACTIVITIES THAT ACCOMPLISH ONE OR MORE OF ITS TAX-EXEMPT PURPOSES.B. THIS POLICY SHALL BE REVIEWED ANNUALLY FOR THE INFORMATION AND GUIDANCE OF COVERED PERSONS, AND ANY NEW COVERED PERSON SHALL BE ADVISED OF THE POLICY UPON BECOMING A COVERED PERSON AND SHALL FILE AN ANNUAL STATEMENT WITH THE CORPORATION.C. TO FURTHER THE PURPOSE OF THE DISCLOSURE PROVISIONS OF THIS POLICY.</ExplanationTxt>
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        <FormAndLineReferenceDesc>Form 990, Part VI, Section B, Line 15a</FormAndLineReferenceDesc>
        <ExplanationTxt>THE SALARY BUDGET IS PREPARED AT THE RECOMMENDATION OF THE PRINCIPAL AND BOARD FINANCE COMMITTE. OTHER TEACHER SALARY SCALES, INCLUDING THE DOE ARE TAKEN INTO ACCOUNT WHEN DETERMINING SALARIES.</ExplanationTxt>
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      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>Form 990, Part VI, Section C, Line 19</FormAndLineReferenceDesc>
        <ExplanationTxt>ALL THE PUBLIC DOCUMENTS ARE AVAILABLE UPON REQUEST. ALSO, THE ORGANIZATION TIMELY FILED ITS INITIAL NYS CHAR 500 ANNUAL REPORT WITH THE OFFICE OF THE NY STATE ATTORNEY GENERAL AND ITS STATUS AS AN EXEMPT SCHOOL has been approved.</ExplanationTxt>
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        <FormAndLineReferenceDesc>ORGANIZATIONAL HISTORY - ELEMENTARY SCHOOLS</FormAndLineReferenceDesc>
        <ExplanationTxt>Prior to the inception of the Academy, academic performance statistics of children in our community were reviewed and they did not paint a promising picture. However, based on our prior involvement with our community, we knew that the performance as depicted by the statistics was not an accurate indication of these students abilities. We knew that they could succeed if given an optimal environment and it became clear that the children in Hempstead needed an opportunity to improve their academic skills. We also knew that if we could maximize their educational experience, we would alter the trajectory of their life. Standing on the sidelines was not an option, so we decided to take ownership and become involved in the educational decisions that affected our community and the underserved youth who live in it. It was out of that concern and desire to act that the Academy Charter School was founded.About the Elementary SchoolIn 2008, a core group of 11 parents and community leaders in Hempstead, NY concerned with the educational outcomes in the Hempstead School District, came together to form The Academy Charter School (The Academy). The Academy was incorporated on February 23, 2009 and opened its doors to students, in grades K-2 on September 9, 2009.The school initially operated in a leased building located at 94 Fulton Avenue, Hempstead, NY. As time passed it was clear that the 10,000 square foot space could not accommodate the magnitude of our schools growth and, as a result, we sought to undergo an expansion. As part of the first expansion plan and commitment to invest in the infrastructure of the community, we acquired a piece of land and an existing 34,540 square foot two-story building located at 117 North Franklin Street, Hempstead, NY which became the official site of The Academy elementary school in 2011.UNIONDALE CAMPUSIN 2018, WE EMBARKED UPON OUR UNIONDALE EXPANSION PLAN WHICH INCLUDED THEACQUISITION, RENOVATION AND EQUIPPING OF AN APPROXIMATELY 5.7 ACRE PARCEL OF LANDWHICH INCLUDED A 66,885 SQUARE FOOT BUILDING AT 100 CHARLES LINDBERGHBOULEVARD, UNIONDALE, NY. THIS SITE WAS OPENED IN SEPTEMBER 2018 AND SERVES AS THE UNIONDALE ELEMENTARY SCHOOL LOCATION.</ExplanationTxt>
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        <ExplanationTxt>IN 2017, WE EMBARKED UPON OUR HIGH SCHOOL EXPANSION PLAN WHICH INCLUDED THE CONSTRUCTION OF A 77,215 SQUARE FOOT FOUR-STORY BUILDING AT 127 NORTH FRANKLIN STREET, HEMPSTEAD, NY. THIS SITE WAS OPENED IN SEPT 2019 AND SERVES AS THE HIGH SCHOOL LOCATION WHICH HOSTS GRADES 9 12.Since its inception, The Academy has offered an exceptional interdisciplinary curriculum in a technology rich environment that challenges students to explore connections across subjects and use experiential learning to bridge the gaps between theory and practice. In addition to core subjects, our students benefit from high expectations in physical education and the arts. Our focus on character development and community service cultivates a student body poised to be active, engaged and responsible members of the community. We employ a committed staff whose teaching and high academic and behavioral expectations promote the excellence our communitys children can achieve.The Academy has made a tremendous impact on the community in which it is located. We have instilled a standard of excellence in all of our students. Our students will graduate from the Academy with the content mastery and life skills needed to move into the top five percent of their classes. They will not only graduate at the top of their class but will serve as leaders in their communities. As our motto states, our scholars will LEARN today, LEAD tomorrow and SERVE in the future.</ExplanationTxt>
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        <ExplanationTxt>In 2013, we embarked upon our second expansion plan which included the acquisition of an approximately 1.13 acre parcel of land which included a 39,004 square foot four-story building at 159 North Franklin Street, Hempstead, NY. This site serves as the middle school location which hosts grades 5 8.</ExplanationTxt>
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